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August 8, 2018 – Tintri received Court approval for its key employee retention program (the “KERP”) for certain non-insider employees [Docket No. 152]. As previously reported [Docket No. 11], “The KERP specifically targets the Eligible Employees whose continued retention and employment is most necessary in order to preserve and maximize going concern value. Under the KERP, the Debtors propose to provide an aggregate payment pool of $348,000, with an average award opportunity of $16,571 per participant. No single Eligible Employee will be eligible for an award totaling more than $30,000. Importantly, no insider is an Eligible Employee. The Debtor and its advisors believe that the KERP is consistent with programs implemented by similarly-situated chapter 11 debtors and will provide stability to the Debtor’s operations and drive value for the benefit of all economic stakeholders as the Debtor markets its assets through the conclusion of a sale.”
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